Canadian Home Sales Remain Steady In February

The Canadian Real Estate Association says that home sale activity across Canada has remained steady in February 2014, with little change compared to January.

National home sales increased by 0.3 per cent from January to February, whole non-seasonally adjusted home sales increased by 1.9 per cent compared to February of last year.

According to the president of the Canadian Real Estate Association, Laura Leyser, “Sales in February rebounded in some of the smaller local markets where activity was impacted by harsh winter weather in January. The strength of sales activity during the crucial spring market period will be influenced by the availability of listings, which varies considerably from market to market. To best understand how the balance between available listings and demand is shaping up this spring where you live or might like to, your best bet is to talk to your local Realtor.”

Gregory Klump, the chief economist for the Canadian Real Estate Association, said that, “Sales activity this spring will be supported by the recent decline in the benchmark five-year conventional mortgage rate. That’s because buyers needing mortgage default insurance who opt for a term of less than five years must qualify for mortgage financing based on that rate, and not a discounted rate that their lender may be offering. The support will be of particular important in some of Canada’s larger urban markets where home prices are higher than those in smaller markets.”

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